He found substantial volatility during the last period of twenty -four hours, with the cryptocurrency that was withdrawn from 4%, according to the technical analysis model of Coindesk Research.
The model showed that the most notable movement materialized when DOT collapsed to its lowest juncture of $ 4.07 in a high volume of 3.16 million, considerably above the average of twenty -four hours of 2.31 million, establishing a robust volume support at this level.
After this capitulation event, DOT demonstrated resilience when recovering to the range of $ 4.15- $ 4.18, which suggests that the institutional purchase interest arose at lower levels and a potential stabilization around the current support areas, according to the model.
In the News Front, Polkadot is consolidating its basic system services in an asset hub on November 4, making it the ecosystem superchain: Polkadot Hub, according to a previous publication in X.
In recent negotiation, the DOT was 4.2% lower, around $ 4.13.
The largest cryptographic market also decreased, with the wide caliber of the market, Coindesk 20, 3.2%less.
Technical analysis:
- The volume analysis revealed 3.16 million units negotiated during session 3: 00-4: 00 on October 8, considerably above the average of twenty-four hours of 2.31 million, indicating a robust institutional interest.
- Price Action established formidable support at the level of $ 4.07 during the capitulation event
- The recovery pattern of $ 4.14 to $ 4.16 during the period of sixty minutes demonstrated the resistance of the support zone of $ 4.14- $ 4.15.
- High volume activity for 12:21 and 12:33 Recovery candles suggested institutional accumulation to depressed levels.
- Consolidation around $ 4.15- $ 4.16 levels at 12:15 indicated a potential stabilization around current support areas.
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